sunilvedula

March 5th Banknifty likely expiry around 35000??

NSE:BANKNIFTY   NIFTY BANK
In Banknifty after a strong downtrend, we see two candles (March 2nd and 3rd) similar to the DOJI pattern showing indecision. This is trying to tell us that market is not sure which side it needs to go. As per the chart, we still need to wait and see which gap gets filled first. Will it be the gap between 33300-33500 or 35500-36500?
Scenario 1: If the market moves down then we will see 33300-33000 being touched. That would be the area for all of us to exit our short side positions and wait for a reversal.

Scenario 2: If the market fills the gap upside between 35600-36500 then 37300 might be likely resistance.

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